INTERNATIONAL: Investment company BlackRock has reached an agreement to acquire Global Infrastructure Partners, which has a portfolio including stakes in Australian rail freight operator Pacific National, rolling stock leasing group VTG and Italian open access high speed train operator Italo.
The transaction announced on January 12 involves a total consideration of US$3bn in cash and 12 million shares of BlackRock common stock. It is expected to close in Q3 2024, subject to regulatory approvals and other closing conditions.
BlackRock said the deal would create a ‘world-leading infrastructure private markets investment platform’ with combined client assets under management of over US$150bn. It said infrastructure is forecast to be one of the fastest growing segments of private markets in the years ahead, and government deficits mean that the mobilisation of capital through public-private partnerships will be critical.
‘Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy’, said BlackRock Chairman & CEO Laurence D Fink.
‘We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritise self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects.’
